Most of you have heard by now that the USA (and the world) is producing more oil than can be stored in large tanks. The main US storage facility in Cushing, OK will fill up within months. The USA is expected to produce upwards of 13.7 million barrels of oil per day by the end of 2015. Production is outpacing the below chart from just a year ago: We have doubled oil production since 2007. The price of crude has been in free-fall for the last week, losing nearly $7 per barrel. The price of gasoline is dropping less quickly, losing around 10 cents per gallon. The USA consumes roughly 19 million barrels of oil per day. Most of the balance comes from Canada and Mexico. Canadian oil sands crude has dropped under $30 per barrel (difference due to transport costs and refining costs). There is enough production in North America to fulfill all of our needs.